Bizarrely, throughout the digital revolution of the past decade, they have barely fallen.

Customers don’t seem to care much about fees, even though cutting super fees by just 40 per cent would lift retirement payouts by 7 per cent.

“Competition between funds for members has largely been conducted on a non-fee basis, which has led to feature-rich and more costly superannuation products,” the inquiry finds.

It looks to Chile for an easy fix.

Chile cut its average super fees by 65 per cent by auctioning off the right to become its default super fund every few years.

The fund offering to charge the lowest fees wins. As in Australia, the lowest fee funds provide the best after-fee returns.

The Grattan Institute suggested a refinement to the inquiry. Each online tax form could report the super fees paid over the past year and invite the taxpayer to convert to the new default fund. It’d take just one press of a button.

Murray doesn’t want to destroy what Labor has built, he wants to make it work.